The collective wealth of the top billionaires in the U.S. has increased by nearly two-thirds during the pandemic, not only angering citizens as to the corruption but progressive lawmakers as well. And on top of this, these billionaires will not be taxed unless tax reform passes in Congress.
BREAKING: America’s 708 billionaires are now worth $4.8 trillion after gaining $1.8 trillion, up 62%, during the pandemic.— Americans For Tax Fairness (@4TaxFairness) August 24, 2021
That wealth growth alone could pay for over half of the Democrats’ $3.5 trillion budget plan.
Don’t tell us we can’t afford to invest in working families. pic.twitter.com/mfUN3jsaiQ
The nation’s billionaires have seen their combined wealth skyrocket by nearly 62% over the past year and a half, from just under $3 trillion to almost $4.8 trillion, reports Common Dreams.
“The unconscionable growth in billionaire wealth through the misery of the pandemic is the clearest case I can imagine for the progressive tax reform working its way through Congress,” says Frank Clemente, ATF’s executive director.
This wealth inequality and corruption really show the flaws in our current economic system, which can be remedied if the House passes a $3.5 trillion budget package Senate Democrats introduced. The money would come from raising taxes for those who make over $400,000 a year. Healthcare, eldercare, childcare, housing, and education would become more affordable if this bill passes. There will also be more investment in clean energy.
Unlike the bipartisan infrastructure package currently working its way through the chamber, the budget resolution would go through reconciliation, which under Senate rules means it can be passed with 50 Democratic votes alone. GOP lawmakers have already lashed out at the size of the budget blueprint and multiple provisions the Democrats are considering writes CNN.
We’re going to tax the wealth of these billionaires, and with the Budget Reconciliation Legislation, we are finally going to invest in the needs of the working class of this country.— Bernie Sanders (@BernieSanders) August 24, 2021
Trust me, I wrote the damn bill. https://t.co/tDRH2XGRhL